He emphasized the importance of creating a "strong currency" that could be actively used in international trade, as well as in currency and investment markets.
For a long time, the Chinese leadership has been striving for the internationalization of the yuan.
According to Xi, to achieve this goal, the country needs a "powerful central bank" that can effectively manage monetary policy, as well as competitive financial institutions capable of attracting international investments and influencing global price trends.
The Financial Times notes that these statements from China come against the backdrop of an unstable situation in international markets. The weakening of the dollar's position, the possible change in leadership of the U.S. Federal Reserve, as well as geopolitical and trade tensions are prompting central banks to reassess their strategies regarding dollar assets.
Han Shenlin, the director for China at The Asia Group, noted that Beijing aims to make the yuan a global currency not so much to replace the dollar, but to create a strategic counterbalance that will limit U.S. influence amid a changing financial order.
